UPS Financial News

Monetarism a la Friedman says that inflation everywhere is always a monetary phenomenon. Increasing money supply by lowering interest rates can bring about only short-term gains in terms of increased GDP. But as time passes, it will be inflationary, as price expectations and wages adjust to increased money supply.

India’s ambition to become a developed nation by 2047 depends on the strategic implementation of enabling reforms. While innovative ideas have been proposed for a Viksit Bharat, the primary sector has largely been left out. Despite being home to 18% of the world population with a median age of 28.2 years, we tend to overlook our core strength—i.e., domestic private consumption, which constitutes nearly 61% of GDP—while focusing on export-led growth.

A federal judge has banned a Florida gun retailer from selling certain gun parts in New York that officials say can be used to assemble untraceable ghost guns and sold without background checks

Chicago voters will get the chance this month to decide on a ballot measure that would levy a one-time tax hike on luxury properties to pay for services for homeless people, according to a panel of Illinois appeals court judges

The House has passed a $460 billion package of spending bills that would keep money flowing to key federal agencies through the remainder of the budget year

A jury in Oregon has ordered PacifiCorp to pay more than $42 million to 10 victims of devastating wildfires on Labor Day 2020 — the latest verdict in litigation that is expected to see the electric utility on the hook for billions in damages

Embattled New York Community Bancorp is getting a lifeline of more than $1 billion as a group of investors plug cash into the troubled bank

Sleeper trains are regaining momentum in Europe thanks to travelers who are concerned about climate change and fed up with air travel

The government's new free electronic filing system for income tax returns is getting its first users this filing season

Stocks recovered some of their losses from the day before, which was Wall Street’s worst in three weeks

Stocks that traded heavily or had substantial price changes on Wednesday: CrowdStrike, Couchbase rise; Thor Industries, Nordstrom fall

A growing number of climate-conscious Europeans want to give up flying in favor of long-haul trains, especially younger travelers

The Meta outage that affected Facebook, Messenger and Instagram for a few hours on Tuesday was an inconvenience for most

By David Milliken

Competition Commission of India (CCI) on Wednesday notified regulations prescribing monetary penalty on the global turnover of a company engaged in anti-competitive conduct. The move will boost the regulator's chances of curbing such antitrust activities involving multinational firms, including Big Tech, as experts said the penalty amount would be significantly higher because it would no longer be pegged only to the firm's turnover in a relevant market. The CCI regulations followed a notification issued by the ministry of corporate affairs stipulating March 6 as the date for implementing the relevant provisions of the Competition (Amendment) Act 2023 that deal with the new monetary penalty regime.

“We are receiving the same input from the Cauvery that we have been getting. The water level in the basin is depleting, whereas demand in the city has increased without the borewell supplements,” officials at the Bangalore Water Supply and Sewerage Board (BWSSB) said. Deputy chief minister DK Shivakumar said that out of the city's 16,781 borewells, only 7,784 were currently operational, with 6,997 having dried up. The areas in the city’s tech belt, away from its centre, would be the most affected, said BWSSB officials. “These places have always used borewell water, never Cauvery, up until now,” they said.

government will offload a 7% stake in state-run lignite producer NLC India through the offer-for-sale (OFS) route, which includes a green shoe option of 2%, a top official said on Wednesday. It would rake in about ₹2,058 crore even if it offloads the 7% stake at the floor price set for this sale. The OFS opens on Thursday for non-retail investors, while retail ones can bid on March 11, Department of Investment and Public Asset Management (DIPAM) secretary Tuhin Kanta Pandey said in a post on X (formerly Twitter).

India's pace of economic expansion in FY24 could be close to 8%, likely topping earlier official estimates, said central bank governor Shaktikanta Das. Pointing to the latest high-frequency indicators of growth, Das said, «Now that we have numbers for three quarters… Our sense and understanding of ...the momentum of economic activity tell us this 5.9% growth in the fourth quarter could be exceeded.» He also spoke about the recent Reserve Bank of India (RBI) action in the payments sector, challenging what he termed «a narrative building up» that the regulator had taken measures against fintech companies. Das said RBI's action was against a regulated entity — Paytm Payments Bank. «Fintech companies are not regulated by RBI unless they are NBFCs,» he said.

As Solana meme coins like Dogwifhat (WIF) and Bonk (BONK) surge, a vanguard of new meme coins themed after politicians and celebrities are stealing the spotlight with daily gains in the thousands of percent.

After a push higher in the prices of major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) during the Asia session, markets are going sideways on Wednesday, with traders turning to altcoin names as they hunt for the best crypto to buy today.